Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, has acquired Ozone Renewables, a U.S.-based renewable energy project developer.
With this acquisition, Exus has added new projects and expertise to its greenfield development team, as well as a pipeline of early-stage projects. This also marks the company’s first organizational acquisition and represents a strategic shift toward building integrated development capabilities across solar, wind, and storage projects.
Ozone’s team brings its experience in securing land control and advancing projects from concept through early development stages. The company has assisted partners in commercializing over 3 GW of operational wind projects and added gigawatts of utility-scale solar projects to development pipelines across multiple markets.
“This strategic partnership allows us to bring proven greenfield expertise in-house at a critical time for the industry,” said Jim Spencer, President and CEO of Exus Renewables North America. “Rather than continuously acquiring early-stage projects from external developers, we can now originate and develop projects internally with a tried-and-true team. This positions Exus to focus our development efforts in markets where we see the strongest competitive future for renewable energy.”
Ozone Renewables’ Larry Seiler will lead Exus’ new greenfield development team. Ozone’s team will focus on greenfield development across PJM, MISO, WECC, and SPP territories, complementing Exus’ existing regional development teams.
Previously, in January 2026, Exus Renewables North America raised a $400 million senior secured corporate credit facility. The funding is expected to be used for the development and expansion of the company’s wind, solar, and battery portfolio, comprising more than 700 MW of renewable assets in operation or under construction and 4.5 GW in active development, as electricity demand rises from data centers, manufacturers, and industrial facilities across the U.S.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, M&A activity was 17% higher YoY in 2025, with 96 corporate M&A transactions compared to 82 in 2024.
